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The Senate rejected the so-called Buffett Rule on Monday evening. Fifty-one senators voted in favor the tax increase on high-income owners, officially called the Paying A Fair Share Act, while 45 voted against it. But the Buffett Rule failed to get the necessary 60 votes to invoke cloture and end debate on the bill, effectively killing the rule’s chances of passing the Senate.

Only one Republican, Susan Collins of Maine, voted in favor of the Buffett Rule, while Mark Pryor of Arkansas was the only Democrat to join the Republicans in voting against it. Four senators did not vote. The Buffett Rule would have set the minimum tax rate for those making more than $1 million in annual income at 30 percent.

President Barack Obama has been pushing for the rule for several months, naming it after investor Warren Buffett, an ally of the president who Obama claims pays taxes at a lower rate than his secretary. This afternoon, the White House announced its formal support for the bill, arguing that it “will ensure that the Nation’s wealthiest people are not able to use tax preferences and shelters to reduce their tax rate below what middle class families pay.”

I keep seeing this and I keep hearing Barry talking about "people paying their fair share".

When 40-some percent of Americans pay no federal income tax why are we letting him get away with this verbage? How can he keep saying it with a straight face?

If you make one dollar of income and pay zero taxes on it, you are not paying your fair share. Is it too simplistic or am I missing something? Or is just political suicide to even mention the fair share misnomer.

If you make one dollar of income and pay zero taxes on it, you are not paying your fair share. Is it too simplistic or am I missing something? Or is just political suicide to even mention the fair share misnomer.

Well, there's lots of different kinds of income. Why do Republicans favor lowering cap gains tax but keeping wage taxes as high as they are, whereas Democrats favor raising cap gains tax and slightly lowering wage taxes for some brackets, and slightly raising it for others? Also stuff like property tax, inheritance tax, the fact waitresses get their tips taxed.

I think both parties enjoy too much freedom to define what's "fair" on their own terms. Whereas in my mind fair would be either a complete flat tax, or a consumption-only tax.

I keep seeing this and I keep hearing Barry talking about "people paying their fair share".

When 40-some percent of Americans pay no federal income tax why are we letting him get away with this verbage? How can he keep saying it with a straight face?

If you make one dollar of income and pay zero taxes on it, you are not paying your fair share. Is it too simplistic or am I missing something? Or is just political suicide to even mention the fair share misnomer.

It is actually worse than that, you can earn the dollar and the government will give you another 50 cents to go with it that someone else paid in taxes. They then print more money that has no backing which makes everybody's dollar worth less than it was, but for some reason they don't call this a tax.

The difference between pigs and people is that when they tell you you're cured it isn't a good thing.